Norwich Union to remove MVRs

MVRs, a charge levied on those wishing to leave a with-profits fund, vary depending on the performance of the stock market. If the market is performing badly then many people will wish to reclaim their assets, which can disadvantage other members of the fund, and the cost of the MVR increases. The measures were first introduced in 2001 due to the severe stock market falls seen when the dot.com bubble burst. However, the use of MVRs has received criticism as it prevents many people from seeking alternative forms of investment that may be more suitable. As a result of improving market p...